Luca Schnetzler, CEO of the Pudgy Penguins NFT collection, has reported a remarkable milestone, the sale of over one million Pudgy Penguin toys in the past 12 months. As the cryptocurrency market eagerly anticipates new developments, the NFT sector continues to see significant progress.
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Pudgy Penguins NFT Collection
This success has been further underscored by the recent expansion of sales into global retail chain stores, a testament to the project’s growing popularity. The journey of Pudgy Penguins, a prominent NFT collection introduced in 2021, has not been without challenges.
Initially marred by rug pull allegations against a former founder, the project found its footing under Schnetzler’s leadership after he acquired the brand for $2.5 million in 2022. The strategic decision to sell plush toy versions of the beloved penguins at retail giant Walmart has significantly contributed to its widespread success.
Floor Price
What sets the Pudgy Penguin project apart is its innovative model, which allows NFT owners to earn a 5% royalty fee on the net revenue from sales of physical products containing unique Pudgy Penguins.
The NFT versions themselves command a floor price of 12.87 Ethereum, or approximately $37,580, according to OpenSea. Notably, the most recent high-value sale was Penguin #6873, which fetched an impressive 400 ETH, equivalent to approximately $1.17 million.
https://opensea.io/collection/pudgypenguins
Surge in Sales
In terms of market activity, the collection experienced a surge in sales in mid-February, peaking at 439 sales per day with an average price of 20 ETH. While sales volumes have slightly declined since then, with approximately 269 sales per day as of May 6, the collection remains a significant player in the NFT market.
According to CryptoSlam, a platform tracking NFT sales, Pudgy Penguins ranked as the twelfth highest secondary sales NFT collection in the last seven days, valued at $2.2 million. Despite this, the most sought-after NFTs recently have been unclassified Bitcin Ordinals, while CryptoPunks on the Ethereum network continue to dominate as the most popular collection.
Conclusion
To conclude, the Pudgy Penguins NFT collection has achieved remarkable success, with over one million plush toys sold in the past year and expanding sales into global retail chains. Despite initial challenges, the project’s innovative model, offering NFT owners a royalty fee on physical product sales, has contributed to its widespread popularity. With a strong market presence and high-value sales, Pudgy Penguins remains a significant player in the NFT market, showcasing the continued growth and evolution of the sector.
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